New York Paper - Economic and Geologic Conditions Pertaining to Occurrence of Oil in North Argentine-Bolician Field of South America (with Discussion)

Considerable interest has been shown, during recent years, in the possibilities of developing oil fields in the South American Republics, now that the exhaustion of our present fields can be seen in the not very distant future. The demand for fuel 011 and its products has been increasing far more rapidly than our increment of production during the last few years. Increase of consumption has been largely curtailed by the lack of sufficient supply. The main factors that have contributed to our previous neglect of the southern fields have been as follows: (a) Lack of sufficient demand for the product. (b) Competition with producing fields, having large production, low cost, and better geographical position, such as Tampico, Mexico. (c) Greater interest in home fields with ready market at hand. (d) Our ignorance of southern economic and geologic conditions, due to the distance between those areas and our financial centers. (e) Economic conditions in the southern countries, necessitating high costs of exploration and exploitation of the fields. (f) Our lack of understanding of the business methods of the Latin-American. It must be borne in mind that the oil-development work done to the present time in South America has, with one exception,' been undertaken upon lands which possessed direct evidence of oil in seepages or asphaltic deposits, occurring either immediately upon the lands or in their close vicinity. The development of oil fields in South America is therefore in the pioneer stage. It is not at all improbable that "hidden fields" will be uncovered in future work, as has occurred notably in the mid-continental field of this country within recent years. Location The areas grouped as a unit under the title of North Argentine-Bolivian oil field extend in a narrow belt from the north-central part of